What is Bitcoin?
Bitcoin is electronic cash and is changing the the way we think about
money much in the same way that email changed how we think about
communicating in writing. Unlike PayPal and Western Union, Bitcoin has
no central authority. The easiest way to learn is to buy Bitcoin.
The Origin of Bitcoin
On January 3rd 2009, the first block of the Bitcoin blockchain was
mined by one or more persons using the pseudonym Satoshi Nakamoto. It
is currently being maintained by a group of programmers from around the
world. Bitcoin is open-source software, meaning that anyone can review
I've been working on a new
cash system that's fully
peer-to-peer, with no trusted third party. - Satoshi Nakamoto, 2008
Advantages of using
Whenever you use VISA, American Express, MasterCard or even PayPal in a
store or online, the merchant has to pay up to a 5% processing fee,
which cuts into the margin of the merchant. With Bitcoin, transaction
fees are optional and the recommended fees are as low as 0.0001 BTC
regardless of the transaction size. Bitcoin transactions are
irreversible, which eliminates fraudulent chargebacks.